Security Class Action Lawsuit against Zale Corporation

A security class action lawsuit has been filed on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Zale Corporation (NYSE: ZLC) between February 18, 2005 and May 5, 2006, inclusive (the “Class Period”) alleges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company’s securities.

No class has yet been certified in the above action. If you are a member of the proposed class, you may move the court no later than September 18, 2006 to serve as a lead plaintiff for the proposed class. To be a member of the proposed class you need not take any action at this time, and you may retain counsel of your choice.

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